Floor & Decor reported first quarter net sales increased 9.1% to $1.122 billion for the period ending March 30, 2023, from $1.028 billion in the first quarter of fiscal 2022. Operating income increased 1.6% to $95.5 million from $94 million in the first quarter of fiscal 2022. Operating margin decreased 60 basis points to 8.5%. Comparable store sales decreased 3.3%.

CEO Tom Taylor stated: “We take pride in these first-quarter 2023 earnings results as they demonstrate the continuing strong execution of our long-term growth strategies and our near-term agility in adapting to the significant year-over-year declines in existing home sales and broader macroeconomic challenges. As consumers prioritize value and savings, we are capitalizing on our low prices and value options, our trend-forward broad assortments, in-stock job lot quantities, and superior customer service provided by our store associates.”